Real Estate Matters: Call lender before it starts foreclosing

There are 5 comments on the
Baltimore Sun
story from Jan 4, 2008, titled Real Estate Matters: Call lender before it starts foreclosing.
In it, Baltimore Sun reports that:

Ireceived a call to my radio show just before the end of the year. It was from a woman who had just opened her mail to find a letter from the bank stating that it was starting foreclosure proceedings She told ...

I CALLED MY MORTGAGE LENDER AND THEY SAID THERE WAS NOTHING THEY COULD DO UNLESS WE FILLED OUT A 4 PAGE FORM KNOWING EVERYTHING I SPEND ALL THE WAY TO A GALLON OF MILK.... I ASKED TO RESTRUCTURE SO I COULD MISS JUST TWO MONTHS AND ADD IT TO THE TOTAL I WOULD PAY AT THE END...THEY WERE ABOUT AS UNFORGIVING AND UNCARING AS ANYONE I HAVE EVER DEALT WITH IN MY LIFE. ONE DAY I HOPE THEY GET THEIRS WHEN THEY NEED SOMETHING FROM SOMEONE.

Another consideration is a reverse mortgage. If the borrower (s) are both at least 62, and if the yield amount is enough, the mortgage amount could be paid off. They could stay in their property as long as they live without making any payments. There's more to it than that, but that's an alternative.

This article sounds like it was pulled right from the garbage being scripted in all business articles and the HUD website. The fact is that lenders are causing this mess and the loss mitigation tools explained here only apply to mostly, government insured loans. Most lenders may help you if you contact a housing counselor, but many don't actually offer you anything until you are at least 2 months behind on your mortgage. This is a known fact, that borrowers in default do receive pamphlets instructing borrowers in default to contact a housing counseling agency, but lenders do not have to talk to a housing counselor. Just about all that a lender will do is offer you a repayment plan with a higher monthly payment or ask the borrower to ask family for help. If you have a subprime, predatory or conventional non-conforming loan you are out of luck. In many cases the lender's customer service department does not know anything about forebearances, deferrement, loan modification or partial claims, in fact they may be located in India and barely have people that can speak amrerican english well, and they do not have the authority to make any kind of changes to your loan. Instead borrowers in default should ask their lenders for their loss mitigation department and refuse to discuss their case with mortgage customer service, or collectors for the lender. Call your lender and request a workout package and ask if your loan is a Fannie Mae or Freddie Mac loan since these secondary loan buyers have specific loss mitigation tools that their lenders must use before foreclosing on a borrower.

I CALLED MY MORTGAGE LENDER AND THEY SAID THERE WAS NOTHING THEY COULD DO UNLESS WE FILLED OUT A 4 PAGE FORM KNOWING EVERYTHING I SPEND ALL THE WAY TO A GALLON OF MILK.... I ASKED TO RESTRUCTURE SO I COULD MISS JUST TWO MONTHS AND ADD IT TO THE TOTAL I WOULD PAY AT THE END...THEY WERE ABOUT AS UNFORGIVING AND UNCARING AS ANYONE I HAVE EVER DEALT WITH IN MY LIFE. ONE DAY I HOPE THEY GET THEIRS WHEN THEY NEED SOMETHING FROM SOMEONE.

You should contact a housing counselor in your area, you can find one in the HUD website. if you received this in the mail, a housing counseling agency can help you complete it, and they can find out what kind of loan you have and what kind of tools may best apply to your case.

This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

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